Los Angeles daily herald., 1887-08-28
sherman and silver.

The ONO Republicans nave given
Senator Sherman tremendous en-
dorsement for the presidency. When
great State like Ohio in formal tones
asks that the nation shall honor itself
by naming one of her sons for the
highest place in this worlds gift, the
request carries vast potency with it.
But John Sherman can never be nom-
mated for President while he holds to
his expressed views on the silver
question. The West and South will
not take such standard-bearer. One
would think that the action of ex-Sec-
retary Manning and ex-Treasurer Jor-
dan would make the most confirmed
goldite stop and question himself. 1t
is but two years since Mr.. Manning
was doing his utmost to have silver as
money destroyed. 1t is but year since
he advised that the coinage of silver
dollars should cease in the Unit
ed States. AS he explained the
scheme, if the United States ceased
to recognize as money the white met
al, and the coin which the fathers
made the unit of values, England
would be forced to recognize it. Now
he is, as the head of banking estab-
lishment, doing what the silver men
have all along insisted the government
should do. He is receiving and stor-
ing silver bullion and issuing certifi-
Gates for it, which certificates are pass
ing for money. What does all this
mean? Simply that MIR. Manning
has reached the conclusion that silver
is really as precious metal, in the
proportion established by thousands
of years experience, as gold; that the
world needs all that it can get of it
for the sovereign use OF money, and
that the utmost amount which the
mines can supply of both gold and
silver will not. be enough to keep
pace, as measures of value, with the
mighty swelling wants of commerce.
Any statesman who cannot see this
same thing will not do for a standard
bearer for the Republican party next
year. The wrong that was worked
upon the debtor class by the demone-
tization of silver must not be much
longer continued. 1t has reduced the
debt-paying capacity OF the United
States quite 80 per cent. it has made
it necessary to give 35 per cent. more
wheat or corn or cotton or anything
that the labor of man produces to pay
800 in interest or $1,000 of princi-
pal, than it would have required
except for the vicious and stupid leg
islation. The result is that if before
the farmer could make 80 per cent
profit by working his farm, it is now
all that he can do to barely live. That
is not all. 1t has cut off from our pro-
ducers valuable market. AT silver
prices the men of England buy wheat
and cotton of India and pay in mer-
chandise reckoned at gold rates. They
can thus import wheat and cotton
from India and sell them at ostensibly
lower prices than they paid for them,
and still make money. This reduces
their cost to rates lower than the
American farmer and planter can
raise and export them, and hence to
the extent that India can supply Eng
land and Europe the United States is
shut out of those markets. Any states
man who closes his eyes to these facts
and persists in following in the narrow
groove marked out by the bankers OF
London and New York, is not one
whom the men of the West will ac-
cept as their candidate for President.
We believe that the action of ex-Sec-
retary Manning will supply the silver
men with arguments enough, in the
coming session of Congress, to force
Justice to be done; to force the passage
of law which in substance shall read
as follows at shall be the duty of
the Secretary of the Treasury to re-
ceive any American silver bullion,
nine hundred fine, that shall be offered
at any mint or assay office of the
United States, and to receipt for the
same in certificates. which certificates
shall be legal tender for debts every
where in the United States. The pur-
chase of silver by the Government is
hereby suspended, and the coinage of
silver is hereby left to the discretion
of the Treasury Secretary" Senator
Sherman should look up and try and
detect the writing on the wall.-Salt
Lake Tribune.